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The new wage code, which was scheduled to come into effect from April 1, has been deferred, CBDT member Virjesh Upadhyay told Money9.
“There were media reports doing the round about implementation of the new wage code. But since there has been no notification by the government, it is obviously not coming into effect from April 1. The implementation may happen some time later in the year,” he told Money9.
The new wage code decreases the take-home salary of an employee but increases the PF contribution.
Under the new Wage Code, employers will have to pay at least 50% of an employee’s CTC as basic pay. As a result, contribution towards other components like Provident Fund and gratuity will increase.
Published: April 26, 2024, 15:19 IST